We expect the Qatari government's fiscal and external balance sheets to remain strong, supported by revenues from hydrocarbon exports. We are affirming our 'AA/A-1+' sovereign credit ratings on the State of Qatar. The outlook on the ratings is stable. On Sept. 26, 2011, Standard&Poor's Ratings Services affirmed its 'AA/A-1+' sovereign credit ratings on the State of Qatar. The outlook on the ratings is stable. The transfer and convertibility assessment is 'AA+'. The ratings affirmation and stable outlook apply to other ratings that depend on Qatar's sovereign credit rating, including the 'AA' long-term senior unsecured debt rating on the bonds issued by Qatari Diar Finance Q.S.C, and the long-term foreign-currency rating on Qatar Petroleum. The ratings on the State
